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Posts
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Everything posted by Possi
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Let's ALL move to TN! @RitaBjust had a heart attack.....
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@BulldogTom We have been waiting for this! This is a TaxWise news item, but should apply to all.
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That's how I see it, yes. Not a dependent.
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Yes, it's meltdown time. Add your personal stress with your husband's illness and kaBOOM. Thinking of you and praying for your husband's health to improve.
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You are so right.... and none of us needs that. I'll just wait. Trying like everyone else to push these out of here. My Birthday is at the end of April and I'm celebrating big this year, as you know. I'm not sticking around for the May 17 deadline. Heck, I won't be sober till June....
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Exactly why I'm selling. But, I'll still be working and pestering all y'all.
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UPDATE; Use code 99 on line 2A of the VA 760-ADJ.
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Nope, it won't fly by zeroing out the PTC. We will have to wait for the update... or delete the 8962. I wonder how much trouble that will cause, @Abby Normal?
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I may not have zeroed that out just right. Let me try it again and I'll let you know. We were also trying to bump her payment for taxes due until the deadline, but software isn't updated yet. Hold that thought....
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So, I can carry on as if it was purchased in the Client's name, correct?
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My clients purchased a third rental property and the "borrower" is actually their Revocable Living Trust. Do I just carry on as if it was purchased by them without regard to a trust? I have never seen this Trust. Never seen a K1 from a Trust, either. So, can it be that this Trust is not its own entity requiring its own tax return? I hope I'm overthinking this one.....
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I'm not going to sweat it. I'm sure it will wash itself out when we finally file on Thursday. If there's a problem, I'll let you know.
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Thank goodness the amount didn't change for any reason. I understand him, though. A Seal, he was home briefly and wanted to tie up all his business before leaving again. But, hey, sign your tax return. In the big scheme of life, HIS life, this is not so big a deal. We all, in this world, could use some prospective from time to time. I got a dose of mine.
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I've never held any of my small business accountable for inventory because of the limitation, knowing it's not necessary. HOWEVER, when I saw his purchases to sell were over $20k more than his sales, I DECIDED to ask him about inventory. I just had a bad feeling. Turns out, I was right.
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New elderly client also got a pin... We paper filed. She will never recover that PIN.
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Many, many more where she came from. But, that's another topic...
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HE'S ALL DONE IN MY OFFICE. Just got a call back telling me that if we "need more income, I can give you at least $15k more because if I use Friends and Family on paypal, they don't report it to the IRS..." Click... buzzzz..... access/denied
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I have been on the phone with him. He buys and sells trading cards among other collectibles. Trading cards are the main purchase/sales. He buys in bulk, breaks them up, pays professionals to value and grade the cards, and then sells them at a profit. There is no way he can give me a price on any individual item he sold. Should I just send him along? I would like to be able to do this tax return.
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Oh no, it is quite the business.
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My new client has an online business where he purchases junk, has it dolled up, and re-sells it for a profit. This is new for him (and for me) He purchased $71k of items and his sales so far are $50k. Is there a legitimate way for me to report the purchases if he does not keep inventory details? He is military disabled and I know, I just know he isn't keeping inventory lists. He buys, he fixes or pays for pros to fix, and he sells. I am afraid this will eventually turn into something I don't want.
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Mine are rejecting too, for EFT's beyond April 15. 2 clients need to pay the first quarterly by April 15, so we wanted to send the 2020 liability in May. I'll hold them but not for long. They gotta GOOOOO....
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Wow! They are on it! Not so much with TWise.
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TOO LATE TO EDIT; You must use code 99 in box 2B of the 760ADJ.